The Knowledge Project with Shane Parrish #227 Outliers: Rose Blumkin — Women of Berkshire Hathaway
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May 6, 2025 Rose Blumkin's journey from a penniless immigrant to the founder of a billion-dollar retail empire is nothing short of inspiring. She built Nebraska Furniture Mart with honesty, low prices, and a relentless work ethic. Overcoming numerous challenges, her story highlights the importance of resilience and integrity in business. The podcast also showcases her unique partnership with Warren Buffett and how rejection fueled her success. Blumkin's legacy teaches us invaluable lessons about trust and customer service in entrepreneurship.
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Rose’s Courtroom Challenge
- Rose Blumpkin faced carpet attorneys accusing her of selling carpet too cheap during the 1950s in Omaha.
- She defended selling at 10% above cost, emphasizing giving customers a good deal from her own experience of poverty.
Early Business Hustle
- Rose grew up in a modest Russian village and showed early business talent by correcting a shopkeeper's calculation at age six.
- At 13, she walked 18 miles barefoot to find work, quickly rising to manage a store despite initial disbelief.
Simple Business Formula
- Sell products at 10% above cost, focus on volume over profit margin.
- Be honest and never cheat customers to build lasting trust and business growth.